Median Prices Rising
Median price in the valley was bottomed out only a short time ago, but it seems the market is currently recovering as there has been a steady uptrend over the past year, with prices reaching as high as a 30% increase in home values from this time last year. With this data, it shows that median home prices have substantially gone up, with a 4.5% increase over the last 3 months.
Distressed homes and Price Reductions
Data from the last 7 months show that the number of price reduced homes are decreasing, with 1,171 price reductions last October, to just 828 last April 2013. Even so, there are still many distressed properties available at discounted prices, and it seems that the number of distressed properties remain on a stable level throughout these years.
More homes in real estate listings, but there’s still a shortage
New properties are steadily showing up in real estate listings, with an estimated 4,200 still available through real estate listings.
There was a slight increase in homes available in April, but there’s still a continuing shortage of homes to sell. There has been a 13% decrease in the number of properties in the market last March, with only 35 homes recently sold. This is 29% reduction in listed properties during the same month as last year (March 2012), and it’s 63% less when compared to data two years ago.
Huge price variance depending on the neighborhood
Las Vegas is composed of many different communities, and the neighborhood itself will affect the value of the home. After all, price does reflect location.
Properties that valued the most in February 2013 were those in Summerlin South. As of May 15, the average listing price of a home in Summerlin South is currently at $1,067,273, but average sales price was around $236,345, so it seems real estate agents are giving investors and buyers plenty of leeway.
Meanwhile, Sunrise Manor a less desirable neighborhood had an average listing price of $117,724 in May of 2013.
Mid-range homes were sold in Peccole Ranch and Spring Valley. Their average listing prices are currently ranging from $236,497 to $296,976.
For more information about luxury homes, click here.